re: Ann: Chinese Mining Fund Signs MoU for St... My take is that...

re: Ann: Chinese Mining Fund Signs MoU for St... My take is that big multi-bagger share price growth over the next year or so has been deferred due to the sell down of IFE's interest in the DSO to 30%.

Run the numbers: 2mtpa x 30% x $50/t - 30% tax / 48.5M FPO's = 43cps earnings x PE5 say = sp $2.15 for Stage 1 plus extra value for the inground resource for Stages 1 & 2, maybe $1 extra?

Yes Stage 2 is bigger and Stage 3 bigger again, but this is several years away and if TRF/IFE do this sort of deal for Stage 1 they're bound to do a similar JV deal for these later stages that will result in IFE not getting as much of a share as we think.

Because immediate earnings from Stage 1 have had a big haircut (3/8 of what we thought we'd get) IMO you won't see $4-6 sp anytime soon now. I'm out now. Actually I'm a little annoyed with Finch & Co that they did not previously disclose that contractor funded $35M capex was dead in the water and that a JV was on the cards as they would have known this for some time.